Thursday President Donald Trump announced that it would name the president of the Council of Economic Advisors Stephen Miran To perform the role of open governor in the Federal Reserve until the deadline expires in January.
The position, which comes with a place in the Federal Open Market Committee of Interest Rates, occurs after the Governor of the Fed, Adriana Kugler, resigned early. The 14 -year period of Kugler did not expose until January, but was scheduled to leave the position on Friday, saying that he would return to the University of Georgetown as a professor this fall.
“It is a great honor to announce that I have chosen Dr. Stephen Miran, current president of the Council of Economic Advisors, to serve in the newly unoccupied seat at the Federal Reserve Board until January 31, 2026,” Trump wrote in a real social position. “Meanwhile, we will continue looking for a permanent replacement.”
The US dollar index, which measures the strength of the dollar against a basket of foreign currencies, immediately erased its gain for the day and went up to the announcement.
Kugler, a Biden designated one, had recently voted together with the majority of the committee to keep interest rates without changes in the uncertainty of global rates and Trump inflation that has remained above the objective of 2% of the Fed and increased slightly in recent months.
They look He would become Trump’s third candidate to join the Federal Reserve, after President Jerome Powell and supervision vice president Michelle Bowman. Although Trump has attacked Powell almost constantly since even before returning to office in January and has urged him to reduce interest rates through social media publications loaded with insults, Bowman’s general agenda as vice president aligns more closely with the Trump administration.
Powell does not have the power to unilaterally reduce interest rates. Only when the majority of the 12 members of the fees fixing committee vote to do so, the rates are changed.
Look is a key architect of President Tarump’s Tarife war, after writing a document in November of last year “a user guide to restructure the global commercial system”, which argued that commercial deficits with other countries disadvantaged the manufacture of the United States and allowed China to accelerate their exports to the rest of the world.
His article raised the idea of “radical tariffs” to reduce commercial gaps, but admitted that the global revival demand for US exports could imply significant economic and market volatility.
And in a suggestion that could ask questions about its independence as a potential governor of the Federal Reserve, Mira wrote that balancing commercial deficits would require a weakening of the US dollar through “gradualism or coordination with the allies or the Federal Reserve.”
As President Trump has continued to attack the Fed, which operates independently of the White House, former Fed presidents have quickly warned that Fed policies made for political purposes tend to lead to bad economic results.
“He has been with me since the beginning of my second term, and his experience in the world of economy has no parallel, he will do an outstanding job,” Trump said on social networks.
In 2024, Miran was co -author of an article that was very critical of the Federal Reserve that he is now ready to join. “The Federal Reserve Registry in recent years raises questions about whether it has been operating in line with the best practices of the central bank’s independence,” Miran wrote.
In the newspaper last year, Look echoed many of Trump’s current attack lines against the Central Bank. “The important benefits flow from a central bank that can carry out monetary policies free of political pressures in the short term, and to allow the Fed to do it, its government must be reviewed,” he said.
Fears and markets have been increased were discarded amid fears that Trump can fire President Powell, although he does not have the power to do so, except “for cause.” The Administration confiscated the renewal of one billion dollars from the headquarters of the Federal Reserve in recent weeks, which some considered a possible way to fire Powell.
However, Powell has firmly maintained that there has not been an incorrection associated with the excess costs of the renewal project.
Bowman, a former bank regulator of Kansas, was confirmed by the Senate as vice president in June 2025. Until now he has passed his mandate by reducing the regulations that large banks and financial institutions have called onerous and expensive. Bowman has said that the previous regulatory approach was too complex and has asked for changing key rules on how much capital the large banks must maintain in their balance sheets in case of a financial crisis.
Both Powell and Bowman have firmly maintained that the independence of Fed is important for the future of the institution and the fluid functioning of financial markets and the economy of the nation.
“It is very important, and I have said this several times in the past, that we maintain our independence with respect to monetary policy. I think it’s very clear,” Bowman told CNBC on June 22.
Speaking at the most recent Fed press conference, Powell said: “I think that having an independent central bank has been an institutional agreement that has served the public well. And as long as it serves the public well, it must continue and be respected.”
